Overstock.com’s CEO denied reports the company suffered any significant losses because of a glitch in cryptocurrency systems, and said that, despite the media coverage, he still believes Bitcoin holds a lot of potential for the company.
“Right now we’re doing a tZero ICO raising $300 million...People are telling me that’s a business they think has a 3 billion or 4 billion value,” Patrick Byrne told Cheddar Friday.
“I literally have people on Wall St. saying, if I pull off the tZero ICO, and then over two years we do what we think we can do, they say that’s a $40 billion enterprise. People have no idea, yet how much of the financial system we intend to augment.”
Reports emerged earlier this week that a bug created a big opportunity for arbitrage, allowing customers to purchase items with Bitcoin Cash, which trades at roughly $2,500, and return them in exchange for Bitcoin, priced at more than $13,000.
Byrne said the issue was caused by the overwhelming trade volume at payment partner Coinbase. He claims the mix-up, which lasted milliseconds, did not result in any material losses.
For full interview [click here](https://cheddar.com/videos/overstock-ceo-responds-to-bitcoin-mix-up).
Adi Robertson, senior reporter at The Verge, joins Cheddar News to break down the battle between two NFT collections by Phunky Ape Yacht Club and PHAYC that are selling plagiarized Bored Ape Yacht Club designs.
Following the attack on the Capitol last year, several major corporations promised to no longer pour funds into the campaigns of Republican lawmakers who supported the January 6 insurrection. But not all have stood firm on their word. Among those that did keep to their promise were Nike, American Express, and Walgreens.
Maja Vujinovic, managing director of investment and advisory firm OGroup LLC, spoke to Cheddar about factors impacting the price of a Bitcoin. She attributed some of the drop-offs in the cryptocurrency's value to inflation and expects the space to continue being volatile. Vujinovic also stated that Bitcoin is here stay and will continue to expand, opening the door for legislators to establish regulation around cryptocurrencies.
Chris Johnson, CEO of Johnson Research Group, breaks down how the Feds decision impacts economic growth and highlights certain sectors within tech that offer a hedge on inflation.
Sandy Villere, Portfolio Manager, Villere Balanced Fund breaks down the major risks to the market and highlights sectors showing growth despite COVID-19 headwinds.
Stock closed at record highs on the first day of trading in 2022, kicking the new year off on a strong note. Tommy Mancuso, president and co-founder of the The Bad Investment Company, joined Cheddar to discuss his optimism for the year ahead, as well as the significance of Apple hitting the $3 trillion market cap mark.
